Reports Fifth Consecutive Quarter of Year-Over-Year Operating Income Improvement and a $118.1 Million Increase in LTM Adjusted EBITDA to $344.3 Million; Highest in Seven Years

Consolidated operating revenue for the third quarter of 2015 was $1.245 billion with consolidated operating income reported at $47.7 million, which included a $0.9 million loss on property disposals. As a comparison, the company reported consolidated operating revenue of $1.323 billion for the third quarter of 2014 with consolidated operating income of $26.7 million, which included a $0.2 million loss on property disposals.

Third Quarter 2015 Financial Highlights

On a non-GAAP basis, the company generated Adjusted EBITDA of $99.1 million for a consolidated Adjusted EBITDA margin of 8.0%, and a $17.5 million increase compared to the
$81.6 million reported in the prior year comparable quarter (as detailed in the reconciliation below).

Last twelve month (LTM) Adjusted EBITDA increased to $344.3 million, an improvement of $118.1 million from the $226.2 million of LTM Adjusted EBITDA reported in the third quarter of 2014.

Improved yield from continued pricing discipline contributed to an operating ratio of 96.2 on a consolidated basis, which was a year-over-year improvement of 180-basis-points. Additionally, YRC Freight reported an operating ratio of 97.9, which was an improvement of 110-basis-points on a year-over-year basis, and a year-over-year improvement of 230-basis-points at the Regional segment, with an operating ratio of 92.6.

The total debt-to-Adjusted EBITDA ratio continues to improve, moving
from 4.94 times just 12 months ago and 3.33 times last quarter to 3.15 times this quarter.

Continued to reinvest in the business spending $29.2 million in capital expenditures and entered into new operating leases for revenue equipment that have a capital value equivalent of $25.5 million for a total reinvestment of $54.7 million. The $54.7 million represents a $26.5 million increase over the $28.2 million investment in the third quarter of 2014. The vast majority of the investment was in tractors and technology.

Third Quarter 2015 Operational Highlights (year-over-year comparison)

Continued strategy of placing freight mix, yield improvements
and profitability over market share and tonnage growth.

Tonnage per day decreased 6.2% at YRC Freight and decreased 3.5% for the Regional segment.

Excluding fuel surcharge, revenue per shipment increased 7.0% at YRC Freight and revenue per hundredweight increased by 5.8%. Including fuel surcharge, revenue per shipment increased 0.7% and revenue per hundredweight decreased by 0.4%.

At the Regionals, excluding fuel surcharge, revenue per shipment increased 5.0% and revenue per hundredweight increased by 4.1%. Including fuel surcharge, revenue per shipment decreased 0.7% and revenue per hundredweight decreased by 1.5%.

Workers' compensation expense decreased by $4.5 million due to decreased claim frequency in 2015 driven by our safety initiatives but slightly offset by negative development of prior
years' claims.

"During the third quarter of this year, we continued to stay committed to our strategy of placing pricing improvements and profitability ahead of tonnage growth," said James Welch, chief executive officer of YRC Worldwide. "We stayed focused, we stayed disciplined, we invested in our people and we invested in the business. As a result, operating, financial and safety performance improved. We are pleased to see the positive results of successfully implementing our strategy and staying the course, and we plan to continue focusing on operational improvements while reinvesting back into our people, equipment and technology," concluded Welch.

Liquidity Update

At September 30,
2015, the company had cash and cash equivalents and Managed Accessibility under its ABL facility totaling $244.8 million. For comparison, as of June 30, 2015, cash and cash equivalents and Managed Accessibility totaled $226.1 million.

For the nine months ended September 30, 2015, cash provided by operating activities was $91.5 million as compared to cash used in operating activities of $26.3 million for the nine months ended September 30, 2014, an improvement of $117.8 million.

Key Segment Information - third quarter 2015 compared to the third quarter of 2014

Percent

YRC Freight

2015

2014

Change

Workdays

64.0

64.0

Operating revenue (in millions)

$

789.2

$

843.0

(6.4

)%

Operating income (in millions)

$

16.7

$

8.8

89.8

%

Operating ratio

97.9

99.0

1.1pp

Total tonnage per day (in thousands)

25.64

27.34

(6.2

)%

Total shipments per day (in thousands)

42.82

46.20

(7.3

)%

Revenue per hundredweight incl FSC

$

23.90

$

24.00

(0.4

)%

Revenue per hundredweight excl FSC

$

21.24

$

20.08

5.8

%

Revenue per shipment incl FSC

$

286

$

284

0.7

%

Revenue per shipment excl FSC

$

254

$

238

7.0

%

Total weight/shipment (in pounds)

1,198

1,184

1.2

%

Percent

Regional Transportation

2015

2014

Change

Workdays

64.0

64.0

Operating revenue (in millions)

$

455.7

$

479.6

(5.0

)%

Operating income (in millions)

$

33.6

$

24.4

37.7

%

Operating ratio

92.6

94.9

2.3pp

Total tonnage per day (in thousands)

30.85

31.97

(3.5

)%

Total shipments per day (in thousands)

41.76

43.65

(4.3

)%

Revenue per hundredweight incl FSC

$

11.55

$

11.73

(1.5

)%

Revenue per hundredweight excl FSC

$

10.32

$

9.91

4.1

%

Revenue per shipment incl FSC

$

171

$

172

(0.7

)%

Revenue per shipment excl FSC

$

153

$

145

5.0

%

Total weight/shipment (in pounds)

1,478

1,465

0.9

%

Review of Financial Results

YRC Worldwide Inc. will host a conference call with the investment community today, Thursday, October 29, 2015, beginning at 4:30 p.m. ET, 3:30 p.m. CT. The call will be available to listeners as a live webcast and as a replay via the YRC Worldwide website yrcw.com.

Non-GAAP Financial Measures

EBITDA is a non-GAAP measure that reflects the company's earnings before interest, taxes, depreciation, and amortization expense. Adjusted EBITDA (defined in our credit facilities as Consolidated EBITDA) is a non-GAAP measure that reflects the company's earnings before interest, taxes, depreciation, and amortization expense, and further adjusted for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals, restructuring professional fees, nonrecurring consulting
fees, expenses associated with certain lump sum payments to our IBT employees and results of permitted dispositions and discontinued operations among other items as defined in the company's credit facilities. EBITDA and Adjusted EBITDA are used for internal management purposes as a financial measure that reflects the company's core operating performance. In addition, management uses Adjusted EBITDA to measure compliance with financial covenants in the company's credit facilities. However, these financial measures should not be construed as better measurements than net income or earnings per share, as defined by generally accepted accounting principles (GAAP).

EBITDA and Adjusted EBITDA have the following limitations:

EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or fund principal payments on our
outstanding debt;

Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to fund restructuring professional fees, nonrecurring consulting fees, letter of credit fees, service interest or principal payments on our outstanding debt or fund our lump sum payments to our IBT employees required under the ratified MOU;

Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBTIDA and Adjusted EBITDA should not be considered a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as secondary measures. The company has provided reconciliations of its non-GAAP measures, EBITDA and Adjusted EBITDA, to GAAP net income and operating income (loss) within the supplemental financial information in this release.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "will,"
"expect," "intend," "anticipate," "believe," "could," "may," "project," "forecast," "propose," "plan," "designed," "enable," and similar expressions which speak only as of the date the statement was made are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain are based upon current beliefs, assumptions and expectations of Company management and current market conditions, and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond our control. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of factors, including (without limitation) our ability to generate sufficient cash flows and liquidity to fund operations and satisfy our cash needs and
future cash commitments, including (without limitation) our obligations related to our substantial indebtedness and lease and pension funding requirements; the success of our management team in implementing its strategic plan and operational and productivity improvements, including (without limitation) our continued ability to meet high on-time and quality delivery performance standards, and the impact of those improvements to meet our future liquidity and profitability; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; changes in equity and debt markets; inclement weather; price and availability of fuel; sudden changes in the cost of fuel or the index upon which we base our fuel surcharge and the effectiveness of our fuel surcharge program in protecting us against fuel price volatility; competition and
competitive pressure on service and pricing; expense volatility, including (without limitation) volatility due to changes in purchased transportation service or pricing for purchased transportation; our ability to comply and the cost of compliance with federal, state, local and foreign laws and regulations, including (without limitation) laws and regulations for the protection of employee safety and health and the environment; terrorist attack; labor relations, including (without limitation) our ability to attract and retain qualified drivers, the continued support of our union employees with respect to our strategic plan, the impact of work rules, work stoppages, strikes or other disruptions, our obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction; the impact of claims and litigation to which we are or may become exposed; and
other risks and contingencies, including (without limitation) the risk factors that are included in our reports filed with the SEC, including those described under "Risk Factors" in our annual report on Form 10-K and quarterly reports on Form 10-Q.

About YRC Worldwide

YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New
Penn. Collectively, YRC Worldwide companies have one of the largest, most comprehensive LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.

Operating ratio is calculated as (i) 100 percent (ii) minus the result of dividing operating income by operating revenue or (iii) plus the result of dividing operating loss by operating revenue, and expressed as a percentage.

SUPPLEMENTAL INFORMATION

Book

As of September 30, 2015

Par Value

Discount

Value

Term loan

$

687.8

$

(4.7

)

$

683.1

ABL facility (a)

-

-

-

Secured Second A&R CDA

44.7

-

44.7

Unsecured Second A&R CDA

73.2

-

73.2

Lease financing obligations

279.8

-

279.8

Other

-

-

-

Total debt

$

1,085.5

$

(4.7

)

$

1,080.8

Book

As of December 31, 2014

Par Value

Discount

Value

Term loan

$

693.0

$

(5.7

)

$

687.3

ABL facility (b)

-

-

-

Series B Notes

17.7

(0.6

)

17.1

Secured Second A&R CDA

47.0

-

47.0

Unsecured Second A&R CDA

73.2

-

73.2

Lease financing obligations

285.1

-

285.1

Other

0.2

-

0.2

Total debt

$

1,116.2

$

(6.3

)

$

1,109.9

Our total leverage ratio for the four consecutive fiscal quarters ended September 30, 2015 was 3.15 to 1.00.

(a) ABL capacity $450.0M; borrowing base $445.1M; maximum availability $78.6M; Managed Accessibility $34.1M. Managed Accessibility is defined as maximum availability less the lower of 10% of the borrowing base or 10% of the collateral line cap.